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Top 5 Reasons To Invest In Rental Properties

They say that more millionaires made their money through real estate then through any other means. There are of course many avenues for investing in real estate, but I’ve always preferred rental properties for various reasons: Real estate investing can be simple and straight forward to get started- The pathway to investing in real estate can be quite simple, you can start talking to experienced investors, read a few of the thousands of books available to learn the basics. Once you have the down payment saved and an understanding of property management (or hire a professional to help you manage) you can start. Ability to invest with leverage- By using leverage you can spread your investment wider and be more diversified. Also, if interest rates are lower than what the current return on the property is, you will effectively be borrowing money for less than what you make on it, thus increasing your return. Utilizing your connections is a good investment- Utilizing your connections in the real estate industry is key to finding the right investments, in some other industries it might be considered insider trading. Stability and Predictability- The real estate market is one of the more stable and predictable investments you can make, do the proper due diligence and manage the assets with care and you will find that it will end up better than most other investments. Multiple ways to grow your investment- With a real estate investment you have multiple ways to help your money grow, ren......
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When Coaching Calls for Teaching

The next critical coaching skill is teaching. Truth be told, this isn’t something that comes naturally for everyone, but it’s necessary. If you find yourself in a teaching position and don’t feel comfortable doing so, get some training of your own. You won’t regret it! When you are comfortable enough to incorporate teaching into your coaching style, be patient. Let’s say that again. Be. Patient. No coachee wants to feel rushed or threatened or invalid especially while learning something new. Whomever your coaching is going to mess up from time to time. You’ve made a mistake before, right? Go ahead and nod. Rather than scold or reprimand, try turning that mistake into a learning opportunity. By doing this, you’re building confidence while you teach. When you’re teaching, encourage them to try their new skills at every opportunity. Take advantage of your workspace and get your hands dirty. Attribute what they’re learning to everyday situations, this can create those awesome aha moments.   The last critical skill of a coach is to challenge them. Sometimes people don’t like to be challenged but to grow we need to get better, learn more and do more. Always keep in mind, your role is to help an employee reaching their fullest potential. I’m sure it goes without saying but just in case, challenging them doesn’t mean unreasonable expectations. Be realistic and take environmental factors into consideration. When you challenge them, have a clear expectation in mind for yourself and communicate those expectations clearly to the employee. The last thing you want is ......
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Google’s Secret Weapon: The Knowledge Graph (Part 2 of 5)

Hotel Knowledge GraphIn our first article of this series, Google Will Eat ILSes' Lunch!, we introduced the idea that Google is starting to organize Multifamily's data, and talked about how this will impact ILSes. But, how does Google organize industry data? And, how does it shift revenues from the industry ecosystem to itself? The answer is in the deceptively simple, but awesomely powerful Knowledge Graph. Let’s look at the Hotel and the Apartment Knowledge Graph to unpack this technology.   The Hotel Knowledge Graph Here is Google’s knowledge panel for a hotel visible on the right of a search results page: What did it take to organize the Hotel Knowledge Graph? First, Google collected information from many different sources: Some of the basics come from spidering the hotel’s website Other basics come from information volunteered by the hotel’s owner using Google My Business Photos come from customers that have visited the hotel Photos could also come directly from the owners themselves Finally, reviews have come from third party sites And, then, Google linked all of the above to create the knowledge graph for a single hotel. Why is the Knowledge Graph so much more powerful than other search results? First, the knowledge graph is not a link to other sites.   Second, its goal is to directly answer the most important questions without having to click through to multiple sites. As Google’s Amit Singhal said: "If people are searching for “2+2″, why shouldn’t Google give a direct answer to that versus sending searchers to a site?” &nb......
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Google will Eat Multifamily ILSes’ Lunch! (New Series: Part 1 of 5)

Google is Starting to Organize Multifamily Data. That Should Scare the ILSes.

Google’s vision is to: “Organize the world’s information and make it universally accessible and useful.”

As Google absorbs and organizes information in different industries, it eats into the revenues of those ecosystems. It has done this in the past.

  • It absorbed and organized the data for the restaurant industry. Victim: Yelp.
  • It absorbed and organized the data for the hotel industry. Victims: Expedia & Priceline.

Now, Google is absorbing and organizing the data for the multifamily industry. Multifamily ILSes (Internet Listing Services) such as Apartments.com and Rent.com are squarely in their cross-hairs.

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Adding An Open House To The Marketing Calendar

Open house invitiation  Everyone loves an open house. Realtors have portfolios with hundreds of homes for sale. A simple phone call can arrange an appointment for a home tour. Placing a sign in the front yard announcing OPEN HOUSE TODAY, creates interest. The results are significantly different than the inquiries generated by the HOME FOR SALE sign. Open House for Multi-Family The same principal can be effective in multifamily housing. Advertising for an open house creates a different perception.  It’s not about decorations or free food.   Having the sign on the property announcing OPEN HOUSE, creates an invitation. Actually, we know the invitation is unnecessary.  Our teams are always ready and available to lease an apartment home. However, having an open house sign seems to encourage prospects who may be “just driving by” to take a few minutes out of their day for a tour of the property. Creating Urgency Another effective sign is APARTMENT TOURS TODAY. Again, for every manager and leasing professional, we know we give tours every day, any time of the day. But having a sign announcing tours TODAY gives “permission” to stop in without an appointment. Another technique employed with both of these signs is the word, TODAY. Subconsciously, the word is creating a sense of urgency. “You need to look at the apartment today.” The sign implies that maybe a tour or the open house event is for today only. Waiting, could mean you would miss out on the opportunity for the availability of a specific apartment, the home of your dreams......
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How to NOT Take Things Personally!

How to NOT Take Things Personally!
My guess is you’ve been told, “Don’t take it personally” many times in your life. The truth is it’s good advice and also incomplete advice. Here’s what I mean by that. It’s good advice in the sense that the ability to not take things personally is crucial to your emotional and relational well-being. It really is.    You do have to be able to let other people’s criticisms, angry words, negative emotions, bad attitudes and oppositional perspectives slide off of you like the proverbial “water off a duck’s back.” Have you ever thought about that phrase? If a duck’s feathers absorbed all of the water instead of repelling it, it would probably be too heavy to fly. The same thing is true for you. Allowing yourself to be weighed down by taking things personally or having “thin skin” can sap your energy, decrease your motivation, lead you to say or do things you’ll regret and will steal your joy.  The Incomplete Part Ducks have a gland that produces oil that ducks then run onto their feathers. Unfortunately people don’t have the same thing. (Last time I checked anyway!) So telling yourself to not take things personally, without knowing how to do so is often fruitless.  What You Can Do? Keep Your Reservoir Filled!  There is a saying I love that says, “Out of the abundance of the heart the mouth speaks.” In other words what is in your heart will come out in your words and actions. If you are filled with joy, happiness, rest and energ......
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When Coaching is Helping

Coaching continued… Last time, we ended on interpersonal communication, there is more to the critical skills of a coach, for instance, there’s helping. When we help, we make sure the person we’re coaching has all the necessary tools to be successful. We’re asking them to identify options and make recommendations about those options. Then we’re playing the game of cause and effect to weigh each option. Helping also means becoming good at asking questions and digging deeper into situations. This is such a key part of coaching because it not only announces your intention to find a resolution; it helps the person you’re working with feel listened to. When you’re coaching, you’re going to come across ideas that aren’t yours. Learn to accept them with an open mind. The next critical skill is mentoring. It’s something we’ve all come across at some point in our lives. Someone actually might be coming to mind right now as we begin talking about it. If you have pen and paper in front of you, go ahead and write that name down. One part of mentoring might not be for you to mentor them, rather it might be for you to show them how to build a relationship like that on their own.   From the Coaches Perspective Rather than coach you and mentor you, I might invite you to my next business luncheon where you’ll have full access to mingle with the people I work with closely on a weekly basis. Or maybe you’re new to the company and are nervo......
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"Does your company require technicians to do HVAC work outside once it is dark out?"

Below is a video of some of my thoughts on "Does your company require technicians to do HVAC work outside once it is dark out?"

What is expected where you work?  

 

 

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Help! I Don't Like My Boss!

Help! I Don't Like My Boss!
Let's face it you will not always work for a boss that you like (respect, get along with, agree with, think is competent etc.). In your career you are bound to work for someone (or have someone in your chain of command) that you have issues with. Surveys tell us that approximately 70% of people who voluntarily leave their jobs do so because of their boss. Surveys also tell us that a high percentage of people would make either a lateral move or take a pay cut to work for a company with a better work culture and environment.  What do you do if you find yourself now working with someone that you don't like? Well, before you quit, or send passive-agreessive (or just downright aggressive) signals that you're unhappy, or try and change your boss to the way that you think s/he should be, or complain about your boss on social media for all of the world to see, I'd like to offer you some things to think about... The Golden Rule Mr. Barron, my high school history teacher often told our class his version of "The Golden Rule" and it went something like this, He who has the gold, makes the rules.  I have worked with an awful lot of people who've forgotten that they work for their boss and NOT the other way around. When you work with a boss you don't like, don't make the situation worse by forgetting that whatever your concerns, point of view, and......
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Tips for selecting the right screening provider

Selecting a company to help screen prospects is one of the most important decisions apartment operators make. Simply put, it’s a decision they have to get right.   High-quality residents — those who always pay their rent on time and in full and are respectful of their neighbors — are the lifeblood of successful communities. When residents don’t fulfill the financial obligations of their leases, a community’s revenue is compromised, budgets are derailed and investor returns are diminished.    Bottom line: Apartment managers need top-notch screening providers to sign top-notch residents. So what should operators look for in a screener? Here are some tips.   Make sure the screener covers the basics. It’s imperative that your screening provider examine an applicant’s credit history and conduct criminal background and eviction history checks. Obviously, problems in any of these areas would raise major red flags.   Make sure the screener is on the lookout for fraudulent applications. In this day and age of hackers and identity theft, operators need to be sure their applicants are who they say they are. When interviewing potential screening providers, insist that they have technologies in place to verify consumer identities and spot fraudulent applications and identity theft. It would also be beneficial if the screeners havea means of identifying any aliases applicants may have used over the course of their lives.   Make sure the screener incorporates rental payment history. A high credit score doesn’t always mean a resident is likely to pay rent on time and in full, and a lower score doe......
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